EUR/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/TRY proved to be unable to surpass resistance at 3.48 both in August and September, and now the currency pair is developing a bearish channel. Accordingly, we expect the down-trend at 3.3552 to limit near-term rallies, while the rate is expected to head towards 3.2117, where it should start an upward correction after hitting the weekly S2 and the lower boundary of the pattern. Meanwhile, a close above a tough resistance area circa 3.38 (Oct 14 high, monthly PP and 200-period SMA) will imply an increase in price up to 3.4612 Turkish liras. As for the SWFX traders, they mostly hold bearish views with respect to the Euro zone currency, being that 73% of open positions are short.
© Dukascopy Bank SA
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